Which of the Following Statements Most Accurately Makes the Distinction

question 120

Multiple Choice

Which of the following statements most accurately makes the distinction between the long run and the very- long run with respect to the long- run average cost (LRAC) curve?

• A)In the long run,the firm is moving along the existing LRAC curve,whereas in the very- long run,the LRAC curve is shifting down.
• B)In the long run,the firm is moving along the existing LRAC curve,whereas in the very- long run,the LRAC curve is shifting up.
• C)In the long run,the LRAC curve is shifting up,whereas in the very- long run the firm is moving along the existing LRAC curve.
• D)In the long run,the LRAC curve is shifting down,whereas in the very- long run the firm is moving along the existing LRAC curve.
• E)There is no distinction between the long run and the very- long run with respect to the LRAC curve.

---

Definitions:

Former Slaves

Individuals who were once enslaved but gained freedom through various means such as emancipation, legal changes, or escape.

Landownership

The possession of land by an individual, organization, or government, including the rights to use, rent, or sell it.

Voting Rights

The legal rights granted to individuals enabling them to vote in political elections.

Northern Vision

A phrase that reflects the perspectives, objectives, or aspirations prevalent in the northern part of a country, which can differ significantly from those in the south due to cultural, economic, or political differences.